Fraud, Scams & Cybercrime

Supervision & Enforcement

FINMA Launches Enforcement Proceedings Against Credit Suisse

By Manesh Samtani | 06/09/2020

The proceedings relate to violations identified by a FINMA-appointed auditor in relation to Credit Suisse’s observation and security activities, and how these activities are documented and controlled.

Fraud, Scams & Cybercrime

BSP Confirms Ongoing Probe into State-run Bank Over Cyber Theft

By Sanday Chongo Kabange | 05/09/2020

Over $3mn was stolen from United Coconut Planters Bank through fraudulent ATM withdrawals and online transfers over a three-day holiday in June.

Anti-Money Laundering

SWIFT Details How Cyber Criminals Encash Stolen Funds

By Editors | 03/09/2020

In a new report, SWIFT and BAE Systems reveal how cyber attackers launder money and ‘cash out’ following large-scale heists.

Fraud, Scams & Cybercrime

Hong Kong ICAC Charges Two for Defrauding Four Banks

By Sanday Chongo Kabange | 03/09/2020

An SME director and a former clerk allegedly conspired to defraud four commercial banks, the Trade and Industry Department, and Hong Kong Mortgage Corporation.

Fraud, Scams & Cybercrime

Seoul Police Raid Crypto Exchange Bithumb Over Fraud Allegations

By Sanday Chongo Kabange | 03/09/2020

Police reportedly raided South Korea’s largest crypto exchange and confiscated data in connection with a fraud investigation involving the pre-sale of BXA tokens to investors.

Fraud, Scams & Cybercrime

US DOJ Files Civil Forfeiture Complaint to Recover Stolen Crypto

By Manesh Samtani | 31/08/2020

The two crypto exchange hacks detailed in the complaint are linked to the same group of Chinese actors who laundered over $250mn in stolen cryptocurrency for North Korea in 2018.

Fraud, Scams & Cybercrime

US Agencies Warn of North Korean ATM Cash-out Threat

By Manesh Samtani | 30/08/2020

The hacking team uses various techniques to gain access to banks’ SWIFT terminals to enable wire fraud or their payment switch application servers to enable ATM cash-outs.

Cybersecurity

DDoS Attacks Force Fourth Day of Market Closure at NZX

By Manesh Samtani | 27/08/2020

The hacker group said to be responsible has reportedly also carried out attacks against MoneyGram, YesBank India, Worldpay, PayPal, Braintree and Venmo this week.

Fraud, Scams & Cybercrime

SFC Imposes Lifetime Ban on Former China Citic Bank Employee

By Editors | 26/08/2020

The former relationship manager is said to have falsely represented to customers that an additional fee was needed to open an account with CITIC – which he then pocketed.